Career moves

John Magness, president of Old Republic Title’s Central Title Group, was elected executive vice president of the Old Republic National Title Insurance Co.

If the CFPB makes brokering impossible, how many brokerage shops can afford to convert into a mortgage banking firm? The capital requirement is currently $2.5 million, while rumors persist that it may be hiked to $3.5 million over the next few years. The net worth requirement is set by Fannie Mae, Freddie Mac, and GNMA/FHA…

Gateway Mortgage Group, is looking to move into new markets by creating strategic partnerships with homebuilders and Realtors. It is also looking to expand on a traditional retail basis into Florida. And it has hired David Robinson to oversee both prongs.

Gordon Smith, who was just named co-CEO of consumer and community banking at JPMorgan Chase & Co., will assume responsibility for the megabank’s mortgage banking operations in early 2013.

Stewart Title Co. appointed Lisa Dwiggins as title manager of Stewart Title of Arkansas.

Alan Potts, until recently a senior vice president in charge of wholesale lending at Carrington Mortgage Services, has left the company.

zIngenuity Inc. hired Scott Friedberg as vice president of operations and contract underwriting.

Although loan originations have been booming at Caliber Funding this year, the lender’s aggressive CEO, Brian Simon, has departed the company without explanation.

Ivan Choi has been voted incoming chair-elect of the Asian American Real Estate Association of America.

Mortgage brokers and bankers have been waiting anxiously for the Consumer Financial Protection Bureau to issue its loan officer compensation rule. This is the rule where the agency convened a ‘Small Business’ panel in the spring to weigh in on compensation and lender education issues. Needless to say, few in the industry came away happy with what was told to them by the agency.

Stonegate Mortgage Corp. has hired Flagstar veteran Paul Wyner as senior vice president/national sales manager in charge of third-party residential lending.

Lynn Effinger has joined the management team at Transaction Dynamics as director of new business development.

Arbor Commercial Mortgage appointed Joseph Donovan to senior vice president, director of FHA lending.

Stonegate Mortgage has named Paul Wyner senior vice president of third-party origination.

The marketing world has lost another great as Barry Becher, one of the men behind the Ginsu knife commercials, passed away recently. Those famous (or depending on your point of view, infamous) television ads still contain a lesson for today's mortgage marketers.

A pair of Orrstown Financial Services executives quit just two months after the company's chief financial officer resigned.

Well, well, well (or maybe it should be Wells, Wells, Wells), it’s been quite a week for the little guy. Citigroup started it all off when National Mortgage News published a story about its ‘exclusionary list’ for correspondents. Then Wells Fargo came along and tossed its broker network into the ocean. Oh, and then Wells finished the week off by confirming that it’s killing most of its Realtor joint ventures (mortgage companies). We understand that the survivors include one in Virginia and at least one in Hawaii.

Fiserv Inc. named Cliff Skelton executive vice president and chief information officer.

With servicing multiples as low as they’ve been over the last 18 months, the head of Edison, N.J.-based Real Estate Mortgage Network Inc. has decided to take advantage of the situation, growing its portfolio by starting a correspondent lending division. The new unit will operate out of its new Irvine, Calif. wholesale fulfillment center.

As California goes, so goes the nation? Let’s hope not, at least as to legislation that will make California the first state in the nation to codify provisions of the national mortgage settlement.